According to Fortune magazine on March 17, the organization of Protego, the custodian of digital money funds, is that the standard national private equity bank's license has expired without permanent permission.

A spokesman for the Office of the Comptroller of Monetary Engineering (OCC) told Fortune that the company did not meet the pre-exchange requirements. According to the spokesman:

"the pre-change provisions include existing policies, procedures, systems and other measures to ensure the safe and stable operation of banks and to achieve minimum capital and liquidity requirements."

Protego, based in New Jersey, won an 18-month extension in February 2021 if conditionally permitted. According to conditional regulations, institutions cannot accept savings. An insider, who spoke on condition of anonymity, told Fortune that Protego had already agreed on the necessary equity financing to meet the charter by the February 4 deadline, but it had not received a response to the charter.

An OOC announcement, dated March 5-11, lists Protego and says its conversion time expires on February 4th.

Greg Gilman, founder and director of Protego, told Fortune magazine that in his view, corporate financing rules have been met, and companies can once again apply to the OCC, head of the Federal Treasury, and apply to the state government to operate as a state bank.

The federal charter will allow Protego to escrow digital currency and implement credential functions, such as indicators for understanding customer needs. At this stage, Anchorage Bank is the only data encryption company that has obtained a national banking license.

Custodia Bank was denied a seat in the Fed's meeting system on February 23rd. Paxos still won the if conditional national private equity banking regulations in 2021. A spokesman said the company "continues to collaborate globally with OCC" to resolve its difficulties in resolving applications.